Demand for steel in the Middle East is expected to increase marginally over the next five years, mainly because of big construction projects, professionals from across the sector told Fastmarkets in a survey before the 22nd Middle East Iron & Steel Conference to be held in Dubai this December.
Infrastructure construction is going on in the United Arab Emirates related to the Dubai Expo 2020 exhibition, and in Qatar for the 2022 football World Cup, and is supporting steel demand in the region, survey respondents said.The rebuilding of both Syria and Iraq after recent military conflicts was another major reason for higher steel demand in the Middle East, they added.In 2018, steel demand in the Middle East is expected to total 54.5 million tonnes, increasing from 53.3 million tonnes in 2017, according to the recent short-range outlook published by the World Steel Association (Worldsteel). In 2019, steel demand in the region was forecast to be 55.1 million tonnes.But despite this increased demand, the steel supply to the Middle East will exceed it, the survey was told.Imports from Turkey will increase, market sources said, because Turkish steel exporters will redirect material that would have gone to the EU or to...